Agfa-Gevaert in Q1 2020: solid results despite challenging economic
conditions - Regulated information – May 12, 2020 - 7:45 a.m. CET
Sale of part of Agfa HealthCare’s IT
business
·Sale to the Dedalus Group successfully closed
in May, 2020 at an enterprise value of 975 million Euro
·Agfa HealthCare’s state-of-the-art Imaging IT
software business is not included in the sale and will be a key
source of future value creation for the Agfa-Gevaert Group
Financial highlights
·Solid results due to gross margin improvements
and cost saving measures
·Radiology Solutions and HealthCare IT
resilient
·Specific segments of printing industry started
to be impacted by COVID-19
·Strong cash generation, driven by a
substantial decrease in working capital – net financial debt
decreased to 69 million Euro (excluding IFRS 16 impact)
Mortsel (Belgium), May 12, 2020 - Agfa-Gevaert today
commented on its results in the first quarter of 2020.
SALE OF PART OF AGFA HEALTHCARE’S IT BUSINESSIn May, the
Agfa-Gevaert Group has successfully completed the sale of part of
Agfa HealthCare’s IT business to the Dedalus Group at an enterprise
value of 975 million Euro. The part that has been sold consists of
the Healthcare Information Solutions activities (Electronic Health
Record, the ORBIS platform) and the Integrated Care activities in
Germany, Austria, Switzerland, France and Brazil as well as the
Imaging IT activities to the extent that these activities are
tightly integrated into the Healthcare Information Solutions
activities in these geographies. In North America and all other
international markets, Agfa HealthCare pursues its Imaging IT
software business, which is not included in the sale.
FINANCIAL HIGHLIGHTSThanks to its program to reduce working
capital, the Agfa-Gevaert Group succeeded in generating strong cash
flows in the first quarter of 2020. Excluding the impact of IFRS
16, net financial debt decreased to 69 million Euro.
On the one hand, the Radiology Solutions and HealthCare IT
divisions showed resilience in the uncertain global economic
conditions. Certain activities in the printing industry on the
other hand, were starting to be impacted by the COVID-19 pandemic.
This new challenge adds to the already tough conditions in this
industry. Thanks to gross margin improvements and cost saving
measures, the Group was able to post strong results. Excluding the
impact of the fading effects of the Siegwerk alliance in the
Digital Print and Chemicals division, the Group’s adjusted EBITDA
would have been in line with the first quarter of 2019.
“We feel deeply committed to our customers and the communities
they serve. As many of our customers are operating in critical
industries, we are taking all measures necessary to guarantee that
we can continue supplying and supporting them during the COVID-19
pandemic. However, as always our utmost priority is protecting the
health and safety of our employees. Furthermore, we are controlling
our working capital levels, capital expenditure, and costs even
more rigorously to mitigate as much as possible the impact of the
pandemic on our liquidity and bottom-line result. As the printing
industry – which was already under pressure – is being impacted by
the pandemic, we are adapting our production capacity to the
worsened market conditions, resorting to temporary unemployment
where applicable. Despite some impact of COVID-19 on our activities
in the printing industry, we delivered a solid set of results and
we generated strong cash flows. Our program to reduce working
capital continues to be successful. It allowed us to further lower
our net financial debt to a very healthy level,” said Pascal Juéry,
President and CEO of the Agfa-Gevaert Group.
Statement on restated profit and loss numbersAs
from 2019, the Agfa-Gevaert Group has adopted the IFRS 16
accounting rules. The tables below present the profit and loss
numbers including the impact of IFRS 16.In August 2019, the Group
terminated its inkjet media reseller activities in the USA. To
allow correct comparison, the Q1 2019 numbers have been restated.
Agfa-Gevaert Group – Q1 2020
in million Euro |
Q1 2020 |
Q1 2019Restated |
% change(excl. FX effects) |
Revenue |
501 |
524 |
-4.4% (-5.0%) |
Gross profit (*) |
170 |
172 |
-1.0% |
% of revenue |
33.9% |
32.7% |
|
Adjusted EBITDA (*) |
39 |
43 |
-9.7% |
% of revenue |
7.8% |
8.2% |
|
Adjusted EBIT (*) |
18 |
20 |
-11.1% |
% of revenue |
3.6% |
3.9% |
|
(*) before restructuring and non-recurring
items
The Agfa-Gevaert Group’s top line decreased by 4.4% due to the
issues in the offset printing industry, the refocus on higher
margin activities in several business areas and the first effects
of the COVID-19 pandemic.
The Group’s gross profit margin improved from 32.7% of revenue
in the first quarter of 2019 to 33.9% of revenue due to the above
mentioned refocus on quality turnover and improved service and
manufacturing efficiencies.
Selling and General Administration expenses decreased
significantly from 22.6% of revenue in the first quarter of 2019 to
21.5%.
R&D expenses remained almost stable at 36 million Euro.
Due to the impact of the fading effects of the Siegwerk
alliance, adjusted EBITDA decreased from 43 million Euro (8.2% of
revenue) in the first quarter of 2019 to 39 million Euro (7.8% of
revenue). Excluding the 4.5 million Euro Siegwerk impact, adjusted
EBITDA would have been in line with last year. Adjusted EBIT
reached 18 million Euro (3.6% of revenue), versus 20 million Euro
(3.9% of revenue) in the first quarter of 2019.
Restructuring and non-recurring items resulted in an expense of
2 million Euro, versus an expense of 4 million Euro in the first
quarter of 2019.
The net finance costs amounted to 8 million Euro.
Income tax expenses amounted to 8 million Euro, versus 6 million
Euro in the first quarter of 2019.
As a result of the elements mentioned above, the Agfa-Gevaert
Group posted a net profit of 1 million Euro.
Financial position and cash flow
- At the end of March 2020, total assets were 2,386 million Euro
(comprising right-of-use assets compliant with the new accounting
standard on leases: 107 million Euro at the end of March 2020),
compared to 2,294 million Euro at the end of 2019.
- Trade working capital decreased significantly from 579 million
Euro (26% of sales) at the end of 2019 to 515 million Euro (23% of
sales) at the end of March 2020.
- Excluding the impact of IFRS 16, net financial debt decreased
from 106 million Euro at the end of 2019 to 69 million Euro.
- Net cash from operating activities amounted to 66 million
Euro.
OutlookIt is impossible to predict how the
COVID-19 pandemic will evolve and the timing of government
decisions to ease restrictions is still very uncertain.
Furthermore, it is currently unclear how strongly the Agfa-Gevaert
Group’s various markets will be affected. However, in the coming
quarters a significant COVID-19 impact on the printing industry is
to be expected. Today’s situation does not allow the Group to
assess a quantified impact of the pandemic on its 2020 financial
performance and to provide a full year outlook for 2020. Management
intends to give more guidance when it reports the second quarter
results in August 2020.
HealthCare IT – Q1 2020
in million Euro |
Q1 2020 |
Q1 2019 |
% change(excl. FX effects) |
Revenue |
122 |
122 |
-0.4% (-1.0%) |
Adjusted EBITDA (*) |
19.7 |
15.6 |
26.1% |
% of revenue |
16.1% |
12.8% |
|
Adjusted EBIT (*) |
12.7 |
8.8 |
45.6% |
% of revenue |
10.5% |
7.2% |
|
(*) before restructuring and non-recurring
items
The HealthCare IT division’s top line remained stable compared
to the first quarter of 2019. The gross profit margin improved from
45.4% of revenue in the first quarter of 2019 to 48.2%. Significant
service efficiency improvements, and the decision to refocus the
Imaging IT Solutions business had a positive effect on
profitability. Adjusted EBITDA increased from 15.6 million Euro
(12.8% of revenue) in the first quarter of 2019 to 19.7 million
Euro (16.1% of revenue). Adjusted EBIT reached 12.7 million Euro
(10.5% of revenue), versus 8.8 million Euro (7.2% of revenue) in
the previous year.
For the Imaging IT Solutions business that is not included in
the sale to the Dedalus Group, the division continues to execute
its successful plan to improve profitability by focusing on
generating ‘quality turnover’ in selected geographies and segments.
As a result, this business posted a significant increase in margins
versus the previous year. However, as some hospitals are now
postponing investments in comprehensive software solutions, there
is a risk that a COVID-19 impact will become visible in the next
quarters.
The HealthCare IT division is deeply committed to support care
providers and the communities they serve, in addressing current
COVID-19 challenges. Under the hashtag #StrongerTogether, the
division shares how its customers are making use of its software to
efficiently triage, report and collaborate on COVID-19 cases. In
addition, specific configurations are being designed together with
care providers. Those are subsequently published on the division’s
website, so that others can benefit as well.
Radiology Solutions – Q1 2020
in million Euro |
Q1 2020 |
Q1 2019 |
% change(excl. FX effects) |
Revenue |
118 |
117 |
1.3% (0.4%) |
Adjusted EBITDA (*) |
16.4 |
17.1 |
-4.3% |
% of revenue |
13.9% |
14.7% |
|
Adjusted EBIT (*) |
10.1 |
11.5 |
-12.0% |
% of revenue |
8.5% |
9.8% |
|
(*) before restructuring and non-recurring
items
In the Radiology Solutions division, the Direct Radiography
range posted strong revenue growth. Due to the COVID-19 outbreak,
many hospitals are speeding up their investments in mobile Direct
Radiography solutions. These devices can be used to perform
high-quality bed-side X-ray examinations, even in intensive care
units. The top line of the Computed Radiography range continued to
decline. This is partly market-driven and partly due to COVID-19
related effects, as private practices in India, Latin America and
other geographies are postponing their investments in CR
equipment.The hardcopy product range posted a limited revenue
decrease, which is entirely due to the impact of COVID-19 on the
activities in China and India. Due to the outbreak, hospital visits
not related to COVID-19 were postponed, resulting in a lower demand
for hardcopy film.
Partly due to improved service efficiencies, the division’s
gross profit margin increased from 36.5% of revenue in the first
quarter of 2019 to 38.2%. Mainly due to adverse currency effects,
adjusted EBITDA decreased from 17.1 million Euro (14.7% of revenue)
in the first quarter of 2019 to 16.4 million Euro (13.9% of
revenue). Adjusted EBIT reached 10.1 million Euro (8.5% of
revenue), versus 11.5 million Euro (9.8% of revenue) in the
previous year.
Since Radiology Solutions delivers products and solutions that
are critical to hospitals in their fight against COVID-19, the
division’s main focus is to ensure business continuity and to make
sure that customers can continue to count on the knowhow of the
service teams. Furthermore, the division supports hospitals all
over the world with extra services, such as free software tools
that help them to get faster and more accurate X-ray images.
Examples on how Agfa and its employees support care providers in
their battle against COVID-19 can be found in the dedicated
#CountOnUs section of the division’s website.
Digital Print & Chemicals – Q1 2020
in million Euro |
Q1 2020 |
Q1 2019 Restated
|
% change(excl. FX effects) |
Revenue |
74.3 |
86.6 |
-14.2% (-14.5%) |
Adjusted EBITDA (*) |
3.5 |
11.4 |
-69.1% |
% of revenue |
4.7% |
13.1% |
|
Adjusted EBIT (*) |
0.9 |
8.5 |
-89.6% |
% of revenue |
1.2% |
9.9% |
|
(*) before restructuring and non-recurring
items
In August 2019, the Group terminated its inkjet media reseller
activities in the USA. To allow correct comparison, the Q1 2019
numbers have been restated. Other scope changes – such as the
fade-out of the effects of the strategic alliance for UV digital
packaging inks with Siegwerk Druckfarben – also influenced the
division’s top line.
In inkjet, the ink product ranges performed well. On the other
hand, many companies are postponing investments in high-end
large-format printing equipment due to the COVID-19 pandemic. As
this market almost came to a standstill in March, a strong COVID-19
impact will also be visible in the coming quarters.In spite of
these adverse conditions, Agfa still considers inkjet as an
important growth engine. The company continues to explore promising
business opportunities in new market segments. In the first
quarter, Agfa entered into a strategic partnership with TFL for the
development of Alussa, a dedicated inkjet printing solution to
decorate high-quality genuine leathers used by the fashion,
upholstery, automotive, aviation and nautical industries.
Furthermore, Agfa introduced the Oberon RTR3300, a dedicated 3.3m
high-end roll-to-roll machine that combines extreme productivity
and quality with an extensive media scope and a unique ease of
use.
The Industrial Films and Foils segment started to feel a limited
COVID-19 impact due to the slowdown in industrial activities,
whereas the businesses in the Electronic Print segment resisted
well in the first quarter.
The division’s gross profit margin improved slightly from 29.4%
of revenue in the first quarter of 2019 to 29.5%. Aside from
COVID-19 related elements, the fade-out of the effects of the
strategic alliance for UV digital packaging inks with Siegwerk
Druckfarben had a 4.5 million Euro impact on the division’s
results. The division’s adjusted EBITDA reached 3.5 million Euro
(4.7% of revenue), versus 11.4 million Euro (13.1% of revenue) in
the first quarter of 2019. Adjusted EBIT amounted to 0.9 million
Euro (1.2% of revenue), versus 8.5 million Euro (9.9% of
revenue).
Offset Solutions – Q1 2020
in million Euro |
Q1 2020 |
Q1 2019 |
% change(excl. FX effects) |
Revenue |
187 |
199 |
-5.8% (-6.4%) |
Adjusted EBITDA (*) |
3.7 |
3.9 |
-5.2% |
% of revenue |
2.0% |
2.0% |
|
Adjusted EBIT (*) |
(1.4) |
(3.6) |
|
% of revenue |
(0.7%) |
(1.8%) |
|
(*) before restructuring and non-recurring
items
The Offset Solutions division’s revenue decreased by 5.8% to 187
million Euro. The sales coming from the alliance with Lucky
HuaGuang Graphics were not able to compensate for the structural
decline of the offset markets and the effects of COVID-19 pandemic,
which in the first quarter had an impact on the business in China.
The pandemic causes a decrease in advertising and commercial
activities, which in the coming quarters will lead to lower print
volumes and a lower demand for printing plates.
The Offset Solutions division’s gross profit margin decreased
slightly from 24.1% of revenue in the first quarter of 2019 to
23.6%. Due to improved manufacturing efficiencies and savings on
operating expenditures, adjusted EBIT improved to minus 1.4 million
Euro (minus 0.7% of revenue), from minus 3.6 million Euro (minus
1.8% of revenue) in the first quarter of 2019. Adjusted EBITDA
remained almost stable at 3.7 million Euro (2.0% of revenue).
The Offset Solutions division has implemented cost containment
plans, working capital measures and other actions to improve
profitability and to adapt its activities to the worsened market
situation. In the first quarter, the division temporarily stopped
the production of printing plates in its plants in Leeds (UK) and
Pont-à-Marcq (France) to address the impact of the COVID-19
pandemic. The production activities in the Wiesbaden plant
(Germany) have also been temporarily scaled back.
Corporate Services – Q1 2020
in million Euro |
Q1 2020 |
Q1 2019 |
Adjusted EBITDA (*) |
(4.3) |
(4.8) |
Adjusted EBIT (*) |
(4.3) |
(4.9) |
(*) before restructuring and non-recurring
items
End of messageManagement Certification of Financial
Statements and Quarterly ReportThis statement is made in
order to comply with new European transparency regulation enforced
by the Belgian Royal Decree of November 14, 2007 and in effect as
of 2008."The Board of Directors and the Executive Committee of
Agfa-Gevaert NV, represented by Mr. Klaus Röhrig, Chairman of the
Board of Directors, Mr. Pascal Juéry, President and CEO, and Mr.
Dirk De Man, CFO, jointly certify that, to the best of their
knowledge, the consolidated financial statements included in the
report and based on the relevant accounting standards, fairly
present in all material respects the financial condition and
results of Agfa-Gevaert NV, including its consolidated
subsidiaries. Based on our knowledge, the report includes all
information that is required to be included in such document and
does not omit to state all necessary material facts.”
Statement of riskThis statement is made in
order to comply with new European transparency regulation enforced
by the Belgian Royal Decree of November 14, 2007 and in effect as
of 2008."As with any company, Agfa is continually confronted with –
but not exclusively - a number of market and competition risks or
more specific risks related to the cost of raw materials, product
liability, environmental matters, proprietary technology or
litigation." Key risk management data is provided in the annual
report available on www.agfa.com.
Contact:Viviane Dictus
Director Corporate Communication Septestraat 27 2640 Mortsel -
Belgium T +32 (0) 3 444 71 24 E viviane.dictus@agfa.com
Johan JacobsCorporate Press Relations Manager T
+32 (0)3/444 80 15 E johan.jacobs@agfa.com
The full press release and financial information is also
available on the company's website: www.agfa.com
Consolidated Statement of Profit or Loss (in million
Euro)
Consolidated figures following IFRS accounting
policies.
|
Q1 2020 |
Q1 2019Restated |
Continuing operations |
|
|
Revenue |
501 |
524 |
Cost of sales |
(332) |
(352) |
Gross profit |
170 |
172 |
Selling expenses |
(70) |
(76) |
Administrative expenses |
(41) |
(44) |
R&D expenses |
(36) |
(37) |
Net impairment loss on trade and other receivables, including
contract assets |
(2) |
(1) |
Other operating income |
6 |
14 |
Other operating expenses |
(11) |
(12) |
Results from operating activities |
16 |
16 |
Interest income (expense) - net |
(2) |
(2) |
Interest income |
- |
- |
Interest expense |
(2) |
(3) |
Other finance income (expense) - net |
(7) |
(8) |
Other finance income |
3 |
2 |
Other finance expense |
(9) |
(11) |
Net finance costs |
(8) |
(11) |
Share of profit of associates, net of tax |
- |
- |
Profit (loss) before income taxes |
7 |
5 |
Income tax expenses |
(6) |
(8) |
Profit from continuing operations |
1 |
(3) |
Profit (loss) from discontinued operation, net of tax |
- |
(1) |
Profit (loss) for the period |
1 |
(3) |
Profit (loss) attributable to: |
|
|
Owners of the Company |
2 |
(4) |
Non-controlling interests |
- |
- |
|
|
|
Results from operating activities |
16 |
16 |
Restructuring and non-recurring items |
(2) |
(4) |
Adjusted EBIT |
18 |
20 |
|
|
|
Earnings per share (Euro) |
0.01 |
(0.02) |
Consolidated Statements of Comprehensive Income for
quarter ending March 2019 / March 2020 (in million
Euro) Consolidated figures following IFRS accounting
policies
|
Q1 2020 |
Q1 2019 |
Profit / (loss) for the period |
1 |
(3) |
Other Comprehensive Income, net of tax |
|
|
Items that are or may be reclassified subsequently to
profit or loss: |
|
|
Exchange differences: |
(17) |
10 |
Exchange differences on translation of foreign
operations |
(17) |
10 |
Cash flow hedges: |
(3) |
5 |
Effective portion of changes in fair value of cash flow
hedges |
(6) |
1 |
Changes in the fair value of cash flow hedges reclassified
to profit or loss |
- |
1 |
Adjustments for amounts transferred to initial carrying amount of
hedged items |
2 |
2 |
Income taxes |
- |
- |
Items that will not be reclassified subsequently to profit
or loss: |
(3) |
1 |
Equity investments at fair value through OCI – change in fair
value |
(2) |
1 |
Remeasurements of the net defined benefit liability |
(1) |
- |
Income tax on remeasurements of the net defined benefit
liability |
- |
- |
Total other Comprehensive Income for the period, net of
tax |
(23) |
15 |
|
|
|
Total Comprehensive Income for the period attributable
to: |
(21) |
12 |
Owners of the Company |
(21) |
10 |
Non-controlling interests |
- |
2 |
Consolidated Statement of Financial Position (in million
Euro)
Consolidated figures following IFRS accounting
policies.
|
31/03/2020 |
31/12/2019 |
Non-current assets |
1,048 |
1,060 |
Goodwill |
488 |
492 |
Intangible assets |
72 |
74 |
Property, plant & equipment |
140 |
142 |
Right-of-use assets |
107 |
110 |
Investments in associates |
3 |
4 |
Other financial assets |
5 |
8 |
Trade receivables |
18 |
21 |
Receivables under finance leases |
68 |
62 |
Other assets |
22 |
24 |
Deferred tax assets |
125 |
125 |
Current assets |
1,337 |
1,234 |
Inventories |
469 |
436 |
Trade receivables |
384 |
408 |
Contract assets |
107 |
100 |
Current income tax assets |
68 |
75 |
Other tax receivables |
23 |
25 |
Receivables under finance lease |
26 |
34 |
Other receivables |
24 |
15 |
Other assets |
27 |
21 |
Derivative financial instruments |
4 |
1 |
Cash and cash equivalents |
195 |
107 |
Non-current assets held for sale |
10 |
10 |
TOTAL ASSETS |
2,386 |
2,294 |
|
31/03/2020 |
31/12/2019 |
Total equity |
109 |
130 |
Equity attributable to owners of the company |
62 |
83 |
Share capital |
187 |
187 |
Share premium |
210 |
210 |
Retained earnings |
805 |
803 |
Reserves |
(89) |
(84) |
Translation reserve |
(22) |
(5) |
Post-employment benefits: remeasurements of the net defined benefit
liability |
(1,029) |
(1,028) |
Non-controlling interests |
47 |
47 |
Non-current liabilities |
1,442 |
1,402 |
Liabilities for post-employment and long-term termination benefit
plans |
1,129 |
1,137 |
Other employee benefits |
12 |
12 |
Loans and borrowings |
274 |
225 |
Provisions |
5 |
5 |
Deferred tax liabilities |
17 |
19 |
Trade payables |
2 |
2 |
Contract liabilities |
- |
1 |
Other non-current liabilities |
1 |
1 |
Current liabilities |
835 |
761 |
Loans and borrowings |
98 |
101 |
Provisions |
37 |
45 |
Trade payables |
272 |
232 |
Contract liabilities |
189 |
151 |
Current income tax liabilities |
53 |
49 |
Other tax liabilities |
25 |
38 |
Other payables |
8 |
9 |
Employee benefits |
145 |
130 |
Other current liabilities |
2 |
1 |
Derivative financial instruments |
7 |
5 |
TOTAL EQUITY AND LIABILITIES |
2,386 |
2,294 |
Consolidated Statement of Cash Flows (in million
Euro) Consolidated figures following IFRS accounting
policies.
|
Q1 2020 |
Q1 2019 |
Profit (loss) for the period |
1 |
(3) |
Income taxes |
6 |
8 |
Share of (profit)/loss of associates, net of tax |
- |
- |
Net finance costs |
8 |
11 |
Operating result |
16 |
15 |
Depreciation & amortization (excluding D&A on right-of-use
assets) |
12 |
14 |
Depreciation & amortization on right-of-use assets |
9 |
9 |
Impairment losses on right-of-use assets |
(1) |
3 |
Exchange results and changes in fair value of derivates |
- |
4 |
Recycling of hedge reserve |
- |
1 |
Government grants and subsidies |
(3) |
(3) |
(Gains)/losses on the sale of intangible assets and PP&E and
remeasurement of leases |
- |
- |
Expenses for defined benefit plans & long-term termination
benefits |
8 |
7 |
Accrued expenses for personnel commitments |
26 |
26 |
Write-downs/reversal of write-downs on inventories |
4 |
3 |
Impairments/reversal of impairments on receivables |
2 |
1 |
Additions/reversals of provisions |
- |
(2) |
Other non-cash expenses |
37 |
38 |
Change in inventories |
(39) |
(38) |
Change in trade receivables |
18 |
18 |
Change in contract assets |
(9) |
(4) |
Change in trade working capital assets |
(29) |
(23) |
Change in trade payables |
44 |
12 |
Change in contract liabilities |
39 |
26 |
Changes in trade working capital liabilities |
82 |
38 |
Changes in trade working capital |
53 |
15 |
Cash out for employee benefits |
(27) |
(41) |
Cash out for provisions |
(9) |
(8) |
Changes in lease portfolio |
2 |
- |
Changes in other working capital |
(26) |
(5) |
Cash settled operating derivatives |
(3) |
(4) |
Cash generated from operating activities |
63 |
37 |
Income taxes paid |
3 |
(3) |
Net cash from / (used in) operating
activities |
66 |
34 |
|
Q1 2020 |
Q1 2019 |
Capital expenditure |
(8) |
(8) |
Proceeds from sale of intangible assets and PP&E |
1 |
1 |
Acquisition of subsidiaries, net of cash acquired |
- |
(7) |
Interests received |
1 |
1 |
Dividends received |
- |
- |
Net cash from / (used in) investing
activities |
(7) |
(14) |
Interests paid |
(3) |
(3) |
Proceeds from borrowings |
57 |
1 |
Repayment of borrowings |
(1) |
(67) |
Payment of finance leases |
(10) |
(10) |
Changes in borrowings |
45 |
(76) |
Proceeds / (payment) of derivatives |
(2) |
2 |
Other financing income / (costs) incurred |
(1) |
(1) |
Other financial flows |
1 |
- |
Net cash from/ used in financing activities |
41 |
(78) |
Net increase / (decrease) in cash & cash
equivalents |
100 |
(57) |
|
|
|
Cash & cash equivalents at the start of the
period |
99 |
136 |
Net increase / (decrease) in cash & cash equivalents |
100 |
(57) |
Effect of exchange rate fluctuations on cash held |
(9) |
(2) |
Cash & cash equivalents at the end of the
period |
190 |
77 |
ATTRIBUTABLE TO OWNERS OF THE COMPANY
in million Euro |
Share capital |
Share premium |
Retained earnings |
Reserve for own shares |
Revaluation reserve |
Hedging reserve |
Remeasurements of the net defined benefit
liability |
Translation reserve |
Total |
NON-CONTROLLING INTERESTS |
TOTAL EQUITY |
Balance at January 1,
2019 |
187 |
210 |
854 |
(82) |
1 |
(12) |
(897) |
(9) |
252 |
38 |
290 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
(4) |
- |
- |
- |
- |
- |
(4) |
- |
(3) |
Other comprehensive income, net of tax |
- |
- |
- |
- |
1 |
5 |
- |
9 |
14 |
1 |
15 |
Total comprehensive income for the period |
- |
- |
(4) |
- |
1 |
5 |
- |
9 |
10 |
2 |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total transactions with owners, recorded directly in
equity |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2019 |
187 |
210 |
851 |
(82) |
2 |
(8) |
(897) |
- |
262 |
40 |
303 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at January 1, 2020 |
187 |
210 |
803 |
(82) |
1 |
(3) |
(1,028) |
(5) |
83 |
47 |
130 |
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive income for the period |
|
|
|
|
|
|
|
|
|
|
|
Profit (loss) for the period |
- |
- |
2 |
- |
- |
- |
- |
- |
2 |
- |
1 |
Other comprehensive income, net of tax |
- |
- |
- |
- |
(2) |
(3) |
(1) |
(17) |
(23) |
- |
(23) |
Total comprehensive income for the period |
- |
- |
2 |
- |
(2) |
(3) |
(1) |
(17) |
(21) |
- |
(21) |
|
|
|
|
|
|
|
|
|
|
|
|
Transactions with owners, recorded directly in
equity |
|
|
|
|
|
|
|
|
|
|
|
Dividends |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
Total transactions with owners, recorded directly in
equity |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
Balance at March 31, 2020 |
187 |
210 |
805 |
(82) |
(1) |
(6) |
(1,029) |
(22) |
62 |
47 |
109 |
- CO_20200512_Q1_UK_final
- CO_20200512_Q1_UK_statements
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